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Big boost for homebuyers! SC upholds government decision of granting financial creditors status
Fri, Aug 09, 2019
The court has also upheld the IBC Amendment with certain safeguards. Homebuyers will have a say in Committee of Creditors, and they can also initiate insolvency proceedings.
RBI's new framework to expedite resolution of stressed assets
Mon, Jun 10, 2019
The mandatory norm of inter-creditor agreement allows banks to decide resolution strategy outside the IBC and it will help lenders to accelerate process to resolve stressed assets, Sashakt committee on bad loans said Monday.
Financial, operational creditors recover nearly half of total claims in 88 insolvency cases
Mon, Apr 15, 2019
Nearly half of their total admitted claims worth over Rs 1.42 lakh crore have been recovered by financial and operational creditors from as many as 88 debt-ridden companies under the insolvency law, according to official data.
12,000 cases filed since implementation of insolvency law, setting up of NCLT: Corporate Affairs Secy
Mon, Mar 25, 2019
Cases under the code can be taken up only after approval from the tribunal, which has benches in different parts of the country. Srinivas said that personal insolvency should be approached carefully and in a planned manner.
'Effective steps' on anvil to deal with frivolous bids under IBC, says official
Tue, Feb 26, 2019
"In some cases after one year or more after settlement has taken place, the resolution applicant has failed to implement the plan. What do we do with such resolution applicants?
IMF Chief Economist praises India's fundamental economic reforms, says growth performance has been 'very solid'
Mon, Dec 10, 2018
He said one risk that has become much more evident in the last few years has been non-bank finance, usually called shadow banking. "There is a big challenge of stricter, oversight," the economist said.
Delays beyond 270 days at NCLT cost banks Rs 4,000 cr in Foregone interest: Report
Tue, Nov 13, 2018
The inordinate delays beyond the 270-day deadline under the Insolvency and Bankruptcy Code (IBC) have cost the lenders to the first 'dirty list' of 12 large defaulters a whopping Rs 4,000 crore in interest income foregone, according to an Icra report.
Ess Dee Aluminium Sudip Dutta bankruptcy insolvency NCLT Calcutta High Court
Mon, Oct 08, 2018
The bankruptcy and insolvency law has finally caught up with Sudip Dutta, the promoter of Ess Dee Aluminium, whose incredible rags-to-riches story came to an end. Dutta, a migrant labourer in Mumbai, who went on to own a big chunk of the packaging industry he once worked for, is now re-entering the insolvency process.
Insolvency and Bankruptcy Code updates: Soon, IBC in border areas, new law for registered valuers?
Sat, Aug 18, 2018
Insolvency and Bankruptcy Code updates: Corporate affairs secretary Injeti Srinivas today said the evolving insolvency and bankruptcy law can be extended to cross-border assets.
Govt ready to make more changes, if necessary, to IBC
Fri, Aug 03, 2018
While noting that the code is a game changer, Corporate Affairs Secretary Injeti Srinivas also sought to dispel certain "myths" regarding the law, including those provisions related to barring of wilful defaulters from the bidding process for stressed assets.
Resolutions were needed at any cost: Union Bank of India MD and CEO Rajkiran Rai
Mon, Jul 23, 2018
Union Bank of India MD and CEO told DNA Money that resolutions were needed at any cost and that all fresh lending only happens after the promoter puts in his equity. Gold-plating or disguising bank funds as promoter equity is now history.
NPA crisis: Insolvency and Bankruptcy Code set to suffer setback
Fri, Jul 06, 2018
The finance ministry’s decision to have a new fast-track debt resolution programme for public sector banks with the help of asset management companies (AMCs) may undermine the Insolvency and Bankruptcy Code (IBC) process, brought in with much ‘fanfare’ to resolve the non-performing assets (NPAs) in the banking system, experts said.
Homebuyers dubbed as financial creditors; this is how they reacted
Thu, May 24, 2018
According to the new ordinance, the homebuyers will now be treated as financial creditors which will allow them to equitably participate in an insolvency resolution process and be a part of the committee of creditors. Besides, the proposed resolution plan under the IBC must comply with the provisions of the Real Estate (Regulation and Development) Act, 2016, the high-level panel had recommended to the government in its report.
Good news! Homebuyers now turn 'financial creditors' at par with banks; builders suffer setback
Wed, May 23, 2018
Before this, homebuyers were the last in priority and chances of them getting their money back were virtually nil.
Big boost for SMEs, Centre set to take this giant step
Fri, May 11, 2018
The central government is considering relaxing some rules for convicted promoters as well as for micro, small and medium enterprises (MSMEs) in order to allow more bidders to participate in the resolution process under the Insolvency and Bankruptcy Code (IBC).
NuMetal, LNM back in fray for Essar Steel?
Fri, Apr 20, 2018
The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Thursday put the ball back in the committee of creditors’ (CoC) court by ordering it and the resolution professional (RP) of Essar Steel to re-examine the eligibility of the two bids submitted in the first round.
First case under NCLT process resolved; Vedanta bags Electrosteel
Wed, Apr 18, 2018
An operational creditor of Electrosteel, SRG Earth Resources contested that resolution professional has not admitted its full claim. Its demand was also rejected.
Resolution of twin balance sheet problem to take 6-9 months, says Assocham
Sun, Apr 15, 2018
Assocham also said the process of resolution of the companies under Insolvency and Bankruptcy Code (IBC) reference would gather pace in the coming months. Twin balance sheet problem refers to the stress on balance sheets of banks due to non-performing assets (NPAs) or bad loans on the one hand, and heavily indebted corporates on the other
Bank NPAs crisis: Govt hopes to get just half of Rs 9.5 lakh crore back
Thu, Apr 05, 2018
The government on Wednesday said that it is hopeful of getting Rs 4 lakh crore back into the system out of a total of Rs 9.5 lakh crore that has been locked up in the non-performing assets (NPAs) accumulated by the banks.
Insolvency law committe to finalise report this month for proposed amendments to Insolvency and Bankruptcy Code
Thu, Mar 22, 2018
Insolvency Law: The basic structure of the IBC will not be disturbed and "targeted amendments" will be carried out. It would also address all "unintended consequences" with respect to implementation of this law, the official said. Without elaborating on the proposed changes, the official said there would be "something for home buyers also".